All Forum Posts by: Rick Watt

@Michael Muse, thanks for the congrats, best of luck to you as well.

@Patrick Murphy, I have no idea why anyone would try this without a realtor, I would never have been able to pull the trigger.

@Greg Smith, forgot to thank you for the congrats as well.

@Greg Smith, normally I would agree with you, but the only touch up paint needed was in four small quart containers as they had just repainted everything.  The rest was old, likely going back to 1979 (see pic) when the house was built.  Plus, if you let paint freeze (like all of this has, even the new touch up quarts), it's no good.  And all of this is sitting in a garage in Denver - the paint is toast.

So the disposing of the paint and the full size door are the biggest problems.  You're right, the rest can likely go in the bins.  Although if the trash company realizes there's a microwave in there, they won't take it.  But hopefully I won't have to find out.

@Joshua Diaz, yeah that was my first thought as well, he was just lazy and in this market he could get away with it.

@Christine Z., great point, it certainly is a learning experience.  I certainly won't take for granted next time that just because I wouldn't leave a pile of junk in a house I'm selling, doesn't mean someone else won't.  Yeah, it is a great suburb, and surprisingly, lot's of good deals to be had.

@Matt McConkey, makes sense.  Arizona probably is approaching Denver at this point.

@Cody Evans, I'm looking at Multi-family apartment syndication, I'd like to get another rental in the Denver Metro area, and I'm interested in teaming with someone to do a fix and flip or BRRRR. I don't have time to do the work myself, which is why I'd like to team with people. That should keep me busy for a while I think.

@Jason Ray Richardson, that's great, nice work.  Hope to follow in your footsteps.

@Matt McConkey, I'm definitely looking for a duplex or fourplex sooner than later.  Very tough to find in Denver so I may need to head your way (assuming it's in your backyard).

I've got a question for you all who have been around a while.  I did a walkthrough before closing and there was a bunch of junk still in the garage (numerous paint cans - some that were very old, an old microwave, and old door, cut drywall, half a bag of grout, and some other junk).  My realtor was out of town so his assistant that was there with me called the agent/seller (same person) and asked him if he was going to get the junk out of there.  He got pretty upset and said, "you should have brought this up at the inspection" and that it wasn't written in the contract.  This went on for a bit and he was being pretty rude to my realtor's assistant.  I then got on the phone and said I thought it was pretty unprofessional to leave the property in that condition.  The agent/seller thought I was Charles and again was trying to get out of cleaning up the mess.  I then told him I was the buyer and his tone changed a bit.  He reluctantly agreed to come and clean up the mess after Christmas.  I took him up on his offer since I owned a painting company for 10 years and know how tough it is to dispose of 30 cans of paint.  Also, it just didn't seem right that I had to haul away a truckload of junk.  Hopefully he will make good on his promise to clean it up on Tuesday.

I would never think to leave a property in this condition if I were selling it.  The rest of the property was cleaned up ok, not great, but I was alright with that.  Am I off base here, or is this normal practice when buying a rental.  The agent/seller said in his 17 years of doing this he's never had a problem like this.  I was shocked, but maybe I'm being too picky.

Take a look at the pics and let me know your thoughts.

Thanks.

Thanks @Anna M. and congratulations to you as well.  Glad you've had the pleasure of meeting Charles, he's such a great guy and willing to help us newbies.  I attend an Advanced Real Estate Investing class that Charles and @Chris Lopez put on a couple weeks ago and it was so helpful.  I'm sure they will have another coming up soon, I would highly recommend it.

Thanks @Joshua Diaz I'm going to be hunting for another soon and hope to find another beauty.

@Account Closed LOL

Funny you should say that.  When I was inspecting the property right before closing, I flushed one of the toilets and it flushed REALLY slowly so I'm sure I'll need that very soon.  I did have a moment of thinking, "what have I gotten myself into??"

Thanks @James Wise, @Ryan Ellis, @David Jason

@Varun Parkash, agreed, I definitely found a winner. Assuming I can get the $2,200 in rent, it will be a 12% CoC return. Not bad at all.

Happy Holidays everyone.